The next Chancellor of the Exchequer will have an unenviably full in-tray when he walks into Number 11. Somewhere near the top of the pile — underneath "Deficit reduction plan" — he should find a document entitled Does Britain need Building Societies?

Credit ratings giant Fitch today slashed its rating on Kraft and Cadbury to the lowest level possible within the category of "investment grade", reflecting the risk posed by the American group's extra debt of £7 billion to fund the takeover.